over drawn directors loan

over drawn directors loan

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client year end is 31 March 2015

directors loan is overdrawn by approx £9500 and will be repaid within 9 months

does this need to be declared on the CT600 for the year?

Replies (8)

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Euan's picture
By Euan MacLennan
11th Aug 2015 17:34

Yes & No

Yes - it has to be disclosed on the CT return, but No - not on the CT600.  It goes on the supplementary CT600A pages.

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By johngroganjga
12th Aug 2015 07:55

Yes of course. If you don't declare that the loan has been repaid since the year end how will HMRC know the tax is not due?

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By JCresswellTax
12th Aug 2015 09:48

Is this
A serious question?

Im genuinely not sure

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By johngroganjga
12th Aug 2015 09:52

The OP might think that as no tax is due nothing needs to be entered on the return.

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By JCresswellTax
12th Aug 2015 10:05

Thanks John

Just seems a strange question to ask on accounting web.

If the OP is employed in practice, ask a colleague.

If self employed acting for clients then it is very worrying.

Just my thoughts...

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By The Innkeeper
12th Aug 2015 10:08

@JCresswell

Totally agree with you. Had the same thoughts myself

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Replying to DJKL:
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By HeavyMetalMike
12th Aug 2015 11:59

This was one of THE topics (five in all) that our former favourite Portia suggested as pre-requisite knowledge for members before anyone should be permitted to ask any questions.......so as to weed out the many many repeat ones.

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By The Innkeeper
12th Aug 2015 13:22

@mike

Portia is still one of my favourites !!!!

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